Regulatory Alerts2023-01-01
Zanzibar Microfinance Service Act, No. 9 of 2023
Enacted by the Zanzibar House of Representatives and assented to by the President, this Act establishes a comprehensive four-tier licensing framework for microfinance service providers operating within Zanzibar. The legislation mandates that all entities obtain Bank-issued licenses or registrations, comply with prescribed minimum capital and solvency ratios, and adhere to structured interest rates while prohibiting unauthorized operations. It further empowers the Bank and designated authorities to supervise daily activities, enforce consumer protection standards, manage tier transformations, and impose financial penalties or license revocations for non-compliance.
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